Simon Morris has learned that the reality gap that has characterised the Scottish market for so long has narrowed, as new evidence shows that properties are now typically selling £8,000 over their asking price.
An Independent Property Consultant
Simon Morris is a London-based independent property consultant. In this capacity, he uses his expertise to advise UK property investment funds on how to maximise their property portfolio’s profit potential.
In Simon’s opinion, the reality gap has always dictated a UK property investment fund’s ability to capitalise on the Scottish market. That could be set to change, as a new report has suggested that the reality gap has narrowed.
Properties Sell £8,000 Over Their Asking Price
The term ‘reality gap’ refers to the difference between what somebody hopes to sell their property for, and the price it actually achieves. A new report from website S1 Homes has suggested that the gap has closed, showing that typically, properties are now going for £8,000 more than their asking prices.
However there is some disparity. Whilst the report showed that most types of properties are selling over their asking prices (i.e. flats are selling £27,000 over their asking price), detached houses are still selling under. Yet even this gap has narrowed – from £37,000 under the asking price last quarter, to £31,000 under the asking price this quarter.
“A Turning Point in the Scottish Property Market.”
The managing director of S1 Homes, Ewan Stark, spoke out on the results. Stark said: “We have reached a turning point in the Scottish property market.
“Buyers are now prepared to pay more than they have been for quite some time and sellers at the lower end of the market are seeing their asking prices being surpassed more notably. It’s still a buyer’s market when looking for a detached property but the gap is narrowing so we could see a very different picture in 2015.”
Rethinking Investment in Scottish Property
In other words, the Scottish property market is changing. In Simon Morris’ opinion, if the gap narrows to the point of extinction, it could very well alter the sector for good. That means that in order to maximise on its potential, UK property investment funds may need to rethink how they invest in Scottish property.
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